Neelachal Ispat Nigam Ltd (NINL), India’s largest and state owned steel grade pig iron manufacturer & exporter has reduced pig iron prices by INR 1,100/MT (USD 16.5) for June 2018 deliveries. Prior to this, the company has also cut prices during May-end by INR 500/MT (USD 7.5).
Market sources observed that owing to increased production amid higher inventories has lead to decline in prices. Currently, average pig iron production of NINL is stood at 2,500-3,000 MT per day. Earlier (before blast furnace capital repair works) production was around 1,500 MT per day.
As per NINL’s price circular the latest offers for Steel (N1) grade at INR 28,900/MT (USD 430) & for foundry grade (N2) at INR 30,000/MT (USD 447); basic price, ex-Cuttack, East India. Bulk purchase discounts remained unaltered in N1 grade of INR 200-400/MT.
For NINL price circular click here
Presently, NINL’s export tender of 40,000 MT non-alloy Pig Iron is due for which last date of bid submission is 6th Jun’18. The shipment of material have scheduled between 20 Jun-30 Jun’18 from Paradip port.
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